The National Bureau of Statistics (NBS) has reported a significant 144.77% increase in the average price of high-quality imported loose rice over the past year.
According to the Bureau’s recent food price report, the cost of a 50kg bag of imported rice surged from ₦49,103 in September 2023 to ₦120,193 by the same period this year.
A closer look shows that the price of one kilogram of imported rice rose by 3.21% within three months, from ₦2,329.05 in July to ₦2,403.86 in September.
Compared to September of the previous year, when it was ₦982.07 per kilogram, the price has more than doubled.
Other types of rice have seen similar increases. Loose agricultural rice, for example, climbed from ₦1,882.39 in July to ₦1,965.64 in September, marking a 4.42% rise.
Year-on-year, this represents a 146.33% spike, with Nasarawa having the highest price at ₦3,050.33, while Benue recorded the lowest at ₦1,314.13.
Broken rice (Ofada) saw a 5.61% increase, rising from ₦2,234.06 in July to ₦2,359.47 in September, representing a sharp 213.36% increase from the previous year.
Locally produced rice has not been spared from this inflationary trend. Loose local rice climbed by 4.57%, from ₦1,831.05 in July to ₦1,914.77 in September.
These soaring rice prices are part of a broader trend of escalating food costs amid high living expenses across Nigeria, prompting public concern.
The price of Premium Motor Spirit (PMS) has also surged, jumping from around ₦175 per litre to between ₦1,000 and ₦1,300 per litre nationwide, further impacting goods and services.
